Bitcoin exhibited choppy movement on Monday, oscillating between $92,000 and $89,000. The leading cryptocurrency has lost momentum since surpassing $93,000 last week. Ethereum moved slightly northward, reaching an intraday high of $3,225 before rapidly retreating to $3,150.
"I think comfortably over $100K makes sense before the end of this year." – @fundstrat on #Bitcoin pic.twitter.com/IxkyB1TMa4
— Michael Saylor⚡️ (@saylor) November 18, 2024
In the past 24 hours, 114,745 traders were liquidated, with total liquidations amounting to $329.61 million. The Open Interest (OI) in Bitcoin futures rose 2% in the last 24 hours, suggesting sustained speculative interest.
Our $MSTR treasury operations in the first 17 days of November resulted in a BTC Yield of 20.4%, a net benefit to our shareholders of ~51,470 BTC.
— Michael Saylor⚡️ (@saylor) November 18, 2024
The number of traders holding Bitcoin long positions climbed considerably over the previous day, signaling expectations that the rally will resume.
The “Extreme Greed” sentiment increased to 90, according to the Cryptocurrency Fear and Greed Index. The global cryptocurrency market capitalization stood at $3.08 trillion, rising 1.84% in the last 24 hours. Meanwhile, the Nasdaq Composite, the barometer of tech stocks, popped 111.68 points, or 0.60%, to end at 18,791.81.
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Dive in now 👇https://t.co/tQm5DnHrBg pic.twitter.com/EBPxEYBgTb
— Binance (@binance) November 17, 2024
Bitcoin maintains speculative interest
The S&P 500 gained 0.39% to close at 5,893.62, while the Dow Jones Industrial Average closed 0.13% lower at 43,389.60. The tech rally was driven by a 5.62% jump in shares of EV juggernaut Tesla on reports suggesting favorable upcoming regulatory frameworks for self-driving vehicles.
Popular cryptocurrency analyst Ali Martinez used historical trajectories to project Bitcoin’s next moves before a significant correction. “During the 2017 bull market, Bitcoin surged 156% past its previous all-time high before the first major correction of -39%. In 2020, BTC rose 121% before a -32% correction,” Martinez stated.
Should history repeat, Bitcoin could reach $138,000 before its “first major pullback,” the analyst added. On-chain analytics firm CryptoQuant noted that Bitcoin has “room” for further growth based on the reading of the Short-Term Holders SOPR indicator. The SOPR, combined with the 30-day moving average, revealed that short-term holders are taking moderate profits, with no signs of excessive euphoria.
“Currently, the indicator remains in the middle region, far from the Extreme Greed range, suggesting that the asset still has room to continue rising before reaching a possible market top,” CryptoQuant stated. With cryptocurrencies and tech stocks both showing strong performance, market analysts are keeping a close eye on Bitcoin’s potential ascent to new heights, while also cautioning about possible corrections.
